MultiG8

Trend analysis since inception. Could it be or have we not even seen the first real dip?

BITCOIN has a powerful triple bottom! We're about to cross over the 100 day w/ the 50 day and then up to the 200 day and after that I don't know where! The moon maybe? What's to hold anyone back from being a buyer right here? Surely every analyst out there can see this powerful pattern with their own eyes!

I'm noticing this beautiful double bottom with handle on AVAX so I'm picking several points to prove my analysis. One the price continues to move up out of this handle. Two the price moves above the left side of the W. Three the price moves above the right side of the W. Four, if the price does fall down to the 50 day SMA as a test of support, it bounces off that support and moves higher.

A few hours ago Bitcoin pumped strongly but then dumped. Found support and now we're bouncing. We stayed within the assymetrical triangle that should resolve by mid-April and prior days suggest up and out!

My idea is if we hold today and don't go any lower, having already learned the news that Russia is and did invade Ukraine, then the principle of "buy the rumor and sell the news" is in play, only on the short side. In other words, people shorted when first hearing of Ukraine and now after knowing what Putin would do we had another move down and now my thought is there is in "Hopium's View," no more downside left. Anyone entering shorts now would be shorting the news rather than the rumor. With that being said I am hoping this is a new low which would mean we didn't hit the low of 1/21 and therefore "hopefully" put in a lower low and we can now look for a higher high of above 46. You can see my ideas of where highs and lows might be and the time it may take to get there.

Bitcoin is currently in the short term ranging between 45600 and 42000. There’s a very short term support level in between that at around 42500. Price is attempting to form a cup w/ handle pattern which could explain the current drop down toward the 42500 level as weak holders are shaken out. A return to upward movement would create an early entry for traders but a breakout above the cup would be a stronger signal to confirm further upset but w/ expectation of a higher entry and therefore lower returns. Right now BTC is indecisive but a break below support or above the cup should confirm the next direction. Bitcoin is living above the 50 day SMA but below the 100 & 200. Volume has not been heavy enough with all the indecision to push it back above those resistance levels.

MY VIEW OF BITCOIN'S DOWNTREND SINCE NOV 9TH Recent downtrend of Bitcoin beginning Nov 9th 2022 is shown in turquoise and purple downtrend lines. Dec 21st shows an attempt at reversal that failed Jan 5th. Dec 4th lows Were retested on Jan 10th at 39650 but a reversal played out on the 11th with a follow on day on the 12th and then a rise to a high of 44453 which was rejected on the same day. We now see a base of about 42700 we need to hold. A break below this and 41547 represents the next support. Any break of that and we can retest the low of January 9th and Dec 4th. Closes below that and we head for 39599, 37289 and 38236 and blow. Breaks below that would break Bitcoin’s long term uptrend since inception.The word "blow" above should read "possibly below." It's either a typo or auto correct but this is the update.

Link has overtaken the 200 day average and needs to overtake the 50. The RSI and MACD and movement into the cloud indicate an upcoming move up. Volume is lacking but may pick up as LINK makes it above the cloud.

This turnaround (probably temporary) is a good sign. It's actually a move up off the 4 hour cup and handle so great but be careful. It could be a bull trap. We need to see BTC go over the 44100 (or 44085 depending on how you draw charts, ) to confirm the breakout of the most recent downturn. I'm hopeful but cautious.

These are my perceived support levels. Some seem strong. Some not so strong. Below 38500 and who knows how low Bitcoin can go?